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In response to Anderson's questions, Caldwell <br /> stated that there is no City owned land encumbered <br /> by this and a Special Improvement District is <br /> secondary to a general tax lion. <br /> Mayor Pauson moved that Ordinance 9885 be set for <br /> a Public Bearing on April 22, 1986. Mohr <br /> seconded. Unanimous. <br /> Mayor Pauson reiterated that there would be two <br /> items for Council consideration on the Special <br /> Council Meeting April 22, 1986, Resolution 020 and <br /> Ordinance 1885. There would then be a Council <br /> Mork session immediately following the Special <br /> Meeting. <br /> ORDI ANC* #886 - FIRST READING - AMtMUl431T TO <br /> WATER BOND ORDI1UNCS 9859 <br /> Rautenstraas read by title only Ordinance #886, <br /> "An Ordinance amending Ordinance *859 adopted May <br /> 21, 1985, by the City of Louisville, Colorado, <br /> which Ordinance #859 authorised the issuance of <br /> the City's General Obligation Water Refunding and <br /> Improvement Bonds, Series 1985, in the principal <br /> amount of 92,950.000; to provide for the redemption <br /> of such 1985 Bonds on December 1, 1991, and on any <br /> interest payment date thereafter, upon payment of <br /> par and accrued interest, without redemption <br /> premium; authorising the reprinting of the Series <br /> 1985 Bonds; providing other details in connection <br /> therewith; and declaring an emergency.' Staff <br /> recommends adoption of this Ordinance on First <br /> Reading and a Public Searing set for April 15, <br /> 1986. <br /> eundley explained that in connection with this <br /> Ordinance is a subsequent Ordinance which will <br /> begin the process of refinancing or reissuing <br /> these bonds. <br /> Blake Jordan, the City's Bond Counsel, explained <br /> that it takes two ordinances to complete this <br /> process. The first one amends the original <br /> ordinance authorising the original issuance of the <br /> bonds. The only amendment to the original <br /> Ordinance #859 is to do away with the 11 premium <br /> making the refunding more advantageous to the City <br /> because the City will not then have to pay a <br /> premium to redeem the bonds in 1991 through the <br /> function of the escrow. That being +accomplished, <br /> the second ordinance then authorises the <br /> reissuanae of bonds with the assumption that the <br /> previous ordinance will become effective <br /> concurrently. <br /> 4 <br />